Bitcoin ATMs attacked by a security hole

Bitcoin ATM locations
The machines at which cryptocurrencies can be bought are becoming increasingly popular. This can also be seen from the fact that the number of all Bitcoin machines continues to increase worldwide. According to Coinatmradar, there are currently 9107 BTC ATMs in 70 countries worldwide. With 7,047 pieces, by far most of them are in America.

Hong Kong, the place of the action, currently has 56 Bitcoin ATMs, more than three times as many active BTC ATMs as Germany. This number also reflects the total number of machines across China, as Hong Kong is the only city there where they are allowed.

The Problem
The South China Morning Post published a report on Saturday that funds were withdrawn from a total of 6 BTC ATMs in Hong Kong without authorization. This case was solved by two crypto exchanges, which immediately sent a report to the Hong Kong Police Department’s Cybersecurity and Technology Crime Bureau. The police were able to locate 3 suspects relatively quickly and are holding them in custody. The investigation revealed that they were members of a larger syndicate.

Better security
The Hong Kong Police Department’s Cybersecurity and Technology Crime Bureau does not disclose any information about the loopholes. However, it offers the operators of Bitcoin ATMs security advice that is intended to prevent such fraud in the future. It says:  “We have offered security advice to the two companies and believe they will upgrade their systems. It is the first time we have encountered Bitcoin ATM-related scams.”